If it walks like a Duck . . .

The following is a compilation of excerpts from a comment that was sent in May 2nd, 2012 and filings from the SEC. It is on a timeline and you can draw your own conclusions about the probability of fraud.  The SEC filings are dated with bold letters.  The names, Tony and Kim,  refer to Tony J. Sorcic and Kimra Bettasso. Tony was CEO and Kim was employed at the bank.

I have added some underlines on some of the events purported in the May 2nd comment to maintain better contiguity.

The Wikipedia definition of fraud follows: In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud. A hoax also involves deception, but without the intention of gain or of damaging or depriving the victim.

The timeline begins here:

August 2004

Tony Hires Kim pays her a $25,000.00 Signing bonus. Tony puts Kim’s desk directly south of his desk in the Bank, Tony sets Kim’s salary at $100,000.00 + Tony does Kim’s annual review, for CFNB, Tony advances Kim to a Senior VP at CFNB

July 2006 PNBC $32.89- $0.31 Dividend

Tony buys house for Kim in Lake Thunderbird, (7 Pawnee Court) puts in a trust, and Kim furnishes the house, and the Love nest is up and running. Kim is still living with Husband Frank. September 2006 Kim applies for two Building permits, One from Putnam County and the second from the Lake Thunderbird Association. Both list Kim Bettasso as property owner. Permits requesting to have a detached two car garage constructed at 7 Pawnee Court. (Garage was used to hide the Bank car Lic # CF604 or Tony’s new red jeep. During business hours Monday-Friday Tony would visit 1-2 times per week for two-three hours, Kim is still married to Frank. Often Tony and Kim would drive to Pawnee Court together, Kim driving Tony hiding in her car like a high school kid. Tony would also drive himself to Pawnee Court in the Bank Car, or in the Jeep later in the winter depending on the snow conditions.

April 2008

After the Annual meeting Tony decides to move Kim’s desk far away from his, (she sat next to him for four years) Kim is upset and crying in the Bank.

May 2008 PNBC $27.93-$0.28

Howard and Howard Law firm Peoria begins internal investigation

July 2nd 2008 PNBC $26.00-$0.28

CFNB terminates Johanna Mattingly VP Kim’s Best Friend Johanna paid all bills at Pawnee Court for Tony, bills would come to a P.O. Box 101 in Putnam and then Johanna would pay, Kim testified at Divorce proceedings that she paid no rent or utilities. (Johanna was paid a settlement amount unknown)

July 28th 2008

Bank fires Kim Senior VP at CFNB the Tony and Kim relationship states to sour Tony could not save Johannes job now Kim is terminated, (Tony told Kim it is you or me and it is not going to be me)

July 28th, 2008      Bank announces retirement of director Thomas M. Longman and core earnings for the first six months of 2008.

December 12, 2008    Bank announces Sorcic and Miller amended and restated employment agreements and deferred compensation plans. This is Tony’s, and this is Jim’s, and this is the deferred compensation plan.

January 23, 2009   Bank announces U.S. Treasury’s Capital Purchase Program (TARP?) this includes an Omnibus Amendment Agreement that limits compensation to Officers.

February 2009 PNBC $13.03-$0.28

Frank and Kim are in the middle of a divorce, The Judge asks Frank to go to the Bank and get written document regarding his stock ownership of PNBC, (Basis, splits and Dividends on his PNBC stock that he has owned for Thirty plus years). Frank goes to the Bank and asked to speak with Lou Ann Birkey she is busy Frank is asked to have a seat and wait. Frank is informed that Lou Ann is busy and will call him after lunch hour. Frank leaves the Bank, to this date Lou Ann Birkey has not returned Franks call.

February 2009 PNBC $ 13.03-$0.28

After 5:10 P.M. that same day, that Frank stopped at the Bank at the order of the Judge, Police came to Franks office handcuffed Frank put him in the Squad car and took him one block away to the county jail, the three officers then booked, strip searched and finger printed him, and took his photograph. Two hours later Frank posted bond and was released on Friday night. The Bank latter dropped the charges but has never apologized for his arrest or the actions of the President, his arrest was on the Radio, and in the newspaper. (As shareholders this should make you furious, Tony had the Husband of his girlfriend arrested, can you believe it)

September 3, 2009   Bank announces the appointment of Thomas D. Ogaard as Executive Vice President & Banking Group Manager, and the promotion of Todd D. Fanning to Executive Vice President and Chief Financial Officer from Senior Vice President and Chief Financial Officer. Read the PR here.

September 29, 2009   Bank announces the appointment of Thomas D. Ogaard, Executive Vice President & Banking Group Manager, to the Company’s board of directors and also to the board of its subsidiary bank, Citizens First National Bank. PR here.

September 2009 PNBC $15.75-$0.14

Kim makes a demand against Tony, CFNB PNBC ETC. No law suit was filed. Kim and her Attorneys get paid amounts unknown, agreement is sealed. Board makes another move using Shareholders money to cover issues for Tony. Kim lives at Pawnee Court for 33 months’ Rent and Utilities paid for by the landlord, (Land Trust) Tony Sorcic thinking he could conceal ownership from wife and others.

November 3, 2009   Princeton National Bancorp, Inc. Releases 3rd Quarter 2009 Results

November 16, 2009   Bank announces the retirement of Tony J. Sorcic as President and Chief Executive Officer of the Company and from the boards of the Company and the Company’s wholly-owned subsidiary bank, Citizen First National Bank, to be effective February 1, 2010. The PR is here.

November 20, 2009  Bank announces the appointment of Thomas D. Ogaard to succeed Tony J. Sorcic as President and Chief Executive Officer of the Company upon Mr. Sorcic’s retirement.  PR is here.

December 18, 2009     Bank enters into a consulting agreement with Tony J. Sorcic, the Company’s current President and Chief Executive Officer, and here is that agreement.

January 25, 2010      Bank announces the appointment of Todd D. Fanning as Executive Vice President and Chief Operating Officer of the Company and to the boards of directors of the Company and its subsidiary, Citizens First National Bank, and  Separately, on January 25, 2010, the Company entered into a written employment agreement effective February 2, 2010 with Thomas D. Ogaard. The PR is here.

February 2010 PNBC $9.90- $ 0.00

Tony retires, to spend more time with his family and travel, Bank pays Severance package to Tony, Shareholders pay for Tony Sorcics going away party at Uptown Grill, LaSalle. Shareholders pay Tony a consulting fee for six months after he (Retired) from CFNB Tom O has been on payroll at that point.

March 15, 2010  The Bank entered into a formal written agreement (the “Agreement”) with the Comptroller of the Currency. That means the Feds are worried. Here is a copy of the agreement. This is a quote from the agreement: The Comptroller has found unsafe or unsound banking practices relating to credit risk management at the Bank.  The Bank also announces in the same 8-k filing that Director Daryl Becker will retire from the boards of directors of the Company and the Bank and will not stand for re-election at the 2010 annual meeting and Director Donald E. Grubb will retire from the boards of directors of the Company and the Bank. This is the spin or PR by the Bank.

May 1st 2012 PNBC $1.57-$0.00

Bank is in serious trouble, deposits and Bank talent have left, viability of 100 old institution and 250 plus employees all in jeopardy, no apparent plan in the works to save the Bank

Shareholder Equity 2006               Shareholder Equity Today 100 Million                                              $5 Million Are you guys ever going to do anything to these people or is it too late.

This site

I have had requests to keep this site open. We have had a direction change at the former Citizens bank. It wasn’t the one we were hoping for, but direction change was the original goal here.  If it is useful to keep this site up, I will continue it for a while.

If you have any pertinent information you wish to share, you may post it here for now.

Feel free to send any constructive suggestions.

8-k

This was just filed today:

Filing Date
2012-11-05
Accepted
2012-11-05 11:05:47
8-K 1 d435458d8k.htm 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 5, 2012 (November 2, 2012)

Princeton National Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction

of incorporation)

0-20050   36-3210283
(Commission
File Number)
  (IRS EmployerIdentification No.)
606 South Main StreetPrinceton, Illinois   61356
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (815) 875-4444

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.03 BANKRUPTCY OR RECEIVERSHIP

On November 2, 2012, the Office of the Comptroller of the Currency closed Citizens First National Bank (the “Bank”), which is a wholly owned banking subsidiary of Princeton National Bancorp, Inc. (the “Company”), and the Federal Deposit Insurance Corporation (“FDIC”) was named as the receiver of the Bank. The Company’s principal asset is the capital stock it owns in the Bank. As a result of the closure of the Bank, the Company has no remaining assets.

As the direct owner of all of the capital stock of the Bank, the Company would be entitled to the net recoveries, if any, following the liquidation or sale of the Bank or its assets by the FDIC. However, the Company does not believe that any recovery will be realized. Accordingly, the Company’s common stock is likely to be of no value.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PRINCETON NATIONAL BANCORP, INC.
(Registrant)
By:   /s/ Thomas D. Ogaard
  Thomas D. Ogaard, President and
  Chief Executive Officer

Dated: November 2, 2012

over 150,000 shares traded so far and price is about $0.054 per share